mada, Saudi Arabia’s domestic payment network, and Mastercard have announced the launch of a joint partnership initiative to enable online payments using Mastercard’s Payment Gateway Services technology.
mada payment network facilitates all transactions throughout the Kingdom, one of the biggest economies in the Middle East. The mada network connects all financial transactions from automated teller machines (ATMs) and point-of-sale (POS) terminals throughout the country to a merchant’s bank and the card issuer bank. During the past year, mada achieved record levels of the number and values of transactions, which amounted to more than 1.5 billion and a total estimated amount of SAR 641 billion, respectively.
“mada represents the innovative generation of electronic payments in Saudi Arabia and one of the fastest growing payment systems in the world. Utilising Mastercard’s technology to facilitate online payments via the network will enable Saudi businesses to significantly increase their e-commerce sales by offering consumers more flexibility and convenience and diversify their available payment options,” said Ziad Al Yousef, General Director of Payment Systems Department at the Saudi Arabian Monetary Authority (SAMA).
Furthermore, all local online merchants will be enabled to accept mada cards as a primary mode of payment on their websites. Opening up online payments via the mada network will drive economic growth by offering mada cardholders and domestic merchants the opportunity to transact online.
“We are delighted to partner with the Kingdom’s domestic payment network, mada, and use our Payment Gateway Services technology to make payments safe, simple, and smart in Saudi Arabia, as we work towards our vision of a world beyond cash,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.